Saturday 17 October 2026 Export ZLAB’s income statement to Excel — free account

Zai Lab Limited Unsponsored ADR

Zai Lab Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $460.2 million, up 15.3% from fiscal 2024. In the quarter to June 2026, revenue fell 3.33%, EPS fell 24.3%, free cash flow fell 84.4% and total debt rose 36.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

23.25 0.26 −1.11%

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Market cap: $2.7B
P/E: 0.0×
Fwd P/E: −7.6×
Dividend yield: —
F-score: 4/9
Altman Z: −0.24
Beneish M: −2.35
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.07

Total sells 11.12

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	1	—	—	—	1	—	—	—
Sell	2	2	—	—	9	10	3	5	—	3	—	—

Insider Ownership 6.15%

Capital & Financial Ratios $m

Market Cap 2,650.00

Revenue 449.61

Net Income (188.21)

Free Cash Flow (162.43)

Net Debt (479.42)

Current Ratio 2.13

Debt/Equity 0.39

P/E ratio 0.00

Fwd P/E (7.62)

P/S ratio 5.78

P/B ratio 4.28

Past 5Y EPS Growth —

This Y EPS Growth (38.94%)

Next Y EPS Growth 3.40%

Next Y revenue growth (5.14%)

Next 5Y EPS Growth 3.60%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 14.81%

10-year low 10-year high

P/B against its own 10 years 59.31%

10-year low 10-year high

EV/Sales against its own 10 years 21.14%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	806	880	790	718
Receivables	59	85	106	70
Inventory	45	40	75	91
Other	—	—	—	—
	940	1,050	1,019	914

	2023	2024	2025	Q'26
Payables	113	101	142	137
ST’ Debt	—	132	205	238
Other	83	59	64	49
	203	299	416	429

Compound Annual Growth %

	10y	5y	3y
Sales	—	56.54%	28.86%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	(9.36%)	(11.88%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	100	106	—	—	—
’25	106	110	116	128	460
’24	87	101	102	109	399
’23	63	69	69	66	267
’22	47	48	58	63	215
’21	20	37	43	44	144
’20	8	19	15	15	49

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(12)	(63)	—	—	—
’25	(62)	(31)	(32)	(26)	(151)
’24	(90)	(42)	(27)	(56)	(215)
’23	(69)	(59)	(55)	(15)	(198)
’22	(87)	(45)	(126)	(109)	(368)
’21	(169)	(66)	(161)	(153)	(549)
’20	(40)	(52)	(79)	(44)	(216)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(34)	(65)	—	—	—
’25	(66)	(35)	(36)	(27)	(164)
’24	(103)	(43)	(57)	(74)	(276)
’23	(73)	(51)	(53)	(16)	(193)
’22	(97)	(49)	(133)	(114)	(393)
’21	(171)	(70)	(167)	(159)	(568)
’20	(41)	(53)	(83)	(50)	(227)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.46)	(0.46)	—	—	—
’25	(0.45)	(0.37)	(0.33)	(0.46)	(1.60)
’24	(0.55)	(0.82)	(0.42)	(0.80)	(2.60)
’23	(0.51)	(1.25)	(0.71)	(0.98)	(3.50)
’22	(0.86)	(1.44)	(1.68)	(0.65)	(4.63)
’21	(2.64)	(1.76)	(1.01)	(2.24)	(7.58)
’20	(0.66)	(1.47)	(0.84)	(0.88)	(3.46)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	20.67	14.29	21.01	38.64	49.41	20.98	22.35	13.48	16.82	Analyst estimates 2026–2028 Powerpack
	High	—	35.74	27.34	44.06	135.66	193.54	65.03	49.81	36.60	44.34
People
People	Employees	52	88	309	692	1,194	1,951	2,036	2,175	1,869	1,784
	Revenue/emp, $m	0.00	0.00	0.00	0.02	0.04	0.07	0.11	0.12	0.21	0.26
Income, $m
Income, $m	Revenue	—	—	0	13	49	144	215	267	399	460
	Gross margin, %	0.00	0.00	66.67	71.13	65.82	63.80	65.58	64.08	62.94	58.47
	EBT	(38)	(50)	(138)	(194)	(268)	(703)	(443)	(335)	(257)	(178)
	EBT margin, %	0.00	0.00	(107,355.04)	(1,496.49)	(546.97)	(487.43)	(206.04)	(125.46)	(64.44)	(38.78)
	Net income	(38)	(50)	(139)	(195)	(269)	(704)	(443)	(335)	(257)	(176)
	Depreciation	0	0	1	3	4	6	6	6	8	10
Per share, $
Per share, $	Revenue	0.00	0.00	0.00	0.20	0.63	1.55	2.24	2.76	4.03	4.20
	Earnings	(3.97)	(2.32)	(2.64)	(3.03)	(3.46)	(7.58)	(4.63)	(3.50)	(2.60)	(1.60)
	Cash flow	(3.41)	(1.49)	(1.85)	(2.97)	(2.78)	(5.91)	(3.84)	(2.05)	(2.17)	(1.38)
	Capex	(0.24)	(0.42)	(0.19)	(0.24)	(0.14)	(0.20)	(0.26)	0.06	(0.62)	(0.12)
	Free cash flow	(3.64)	(1.90)	(2.05)	(3.20)	(2.92)	(6.11)	(4.10)	(1.99)	(2.79)	(1.50)
	Book value	(5.46)	10.81	4.77	4.58	15.06	14.84	10.91	8.24	8.50	6.53
	Shares, m	9	22	53	64	78	93	96	97	99	110
Valuation, ×
Valuation, ×	P/E	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	—	—	0.00	292.51	183.76	40.50	13.74	9.44	6.50	4.20
	P/B	—	—	0.00	13.05	8.99	4.24	2.83	3.16	3.08	2.70
	EV/Sales	—	—	0.00	272.01	163.10	30.78	9.08	6.44	4.62	2.93
	EV/FCF	—	—	1.27	(10.33)	(41.15)	(7.82)	(4.97)	(8.92)	(6.67)	(8.21)
Cash, $m
Cash, $m	Operating cash flow	(32)	(32)	(98)	(191)	(216)	(549)	(368)	(198)	(215)	(151)
	Capex	(2)	(9)	(10)	(15)	(11)	(19)	(25)	6	(61)	(13)
	Free cash flow	(34)	(41)	(108)	(206)	(227)	(568)	(393)	(193)	(276)	(164)
Balance, $m
Balance, $m	Working capital	79	219	220	246	1,118	1,308	984	737	751	603
	Total debt	—	—	4	6	5	6	7	—	132	205
	Net debt	(84)	(230)	(260)	(269)	(1,182)	(1,403)	(1,001)	(806)	(748)	(585)
	Shareholders’ equity	(52)	235	251	295	1,169	1,380	1,046	796	841	716
Returns, %
Returns, %	ROA	(72.95)	(29.77)	(50.42)	(59.37)	(32.54)	(48.46)	(31.33)	(29.66)	(23.14)	(14.89)
	ROIC	0.00	(582.83)	0.00	(504.40)	0.00	0.00	(572.08)	0.00	(189.71)	(109.92)
	ROE	107.30	(54.88)	(57.20)	(71.49)	(36.74)	(55.27)	(36.55)	(36.34)	(31.41)	(22.56)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
RCUS Arcus Biosciences, Inc.	$2.9B	— (loss-making)	— (loss-making)	−74.38% (below 0%: shrinking)	n/m	+10.53% (above 0%: growing)	100.00%	(234.15%)	Compare
ELVN Enliven Therapeutics, Inc.	$2.9B	— (loss-making)	—	—	n/m	−8.34% (below 0%: shrinking)	0.00%	0.00%	Compare
DYN Dyne Therapeutics, Inc.	$2.9B	— (loss-making)	—	—	n/m	−39.08% (below 0%: shrinking)	0.00%	0.00%	Compare
NRIX Nurix Therapeutics, Inc.	$2.7B	9.7×	— (loss-making)	+8,426.27% (above 0%: growing)	n/m	+1,122.10% (above 0%: growing)	100.00%	83.12%	Compare
ZLAB Zai Lab Limited Unsponsored ADR	$2.7B	— (loss-making)	— (loss-making)	−3.33% (below 0%: shrinking)	n/m	−84.42% (below 0%: shrinking)	54.70%	(71.95%)
PGEN Precigen, Inc.	$2.6B	— (loss-making)	— (loss-making)	+6,322.66% (above 0%: growing)	n/m	+8.73% (above 0%: growing)	94.90%	41.18%	Compare
BEAM Beam Therapeutics Inc.	$2.6B	— (loss-making)	— (loss-making)	−94.21% (below 0%: shrinking)	n/m	+13.92% (above 0%: growing)	100.00%	(25,827.14%)	Compare
NAMS NewAmsterdam Pharma Company N.V.	$2.5B	— (loss-making)	— (loss-making)	−80.67% (below 0%: shrinking)	n/m	−4.07% (below 0%: shrinking)	100.00%	(1,752.61%)	Compare
MBX MBX Biosciences, Inc.	$2.4B	— (loss-making)	—	—	n/m	−29.67% (below 0%: shrinking)	—	0.00%	Compare
Median of peers	$2.7B	—	—	−74.38%	—	+2.33%	100.00%	0.00%

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Zai Lab Limited Unsponsored ADR (ZLAB) key facts

Concern: Zai Lab Limited Unsponsored ADR reported a net loss of $175.5 million, or a loss of $1.60 per share, for fiscal 2025.
Strength: Zai Lab Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $460.2 million, up 15.3% from fiscal 2024.
Zai Lab Limited Unsponsored ADR (ZLAB) is a Biotechnology company in the Healthcare sector, traded in the US as an ADR.
As of October 16, 2026, ZLAB traded at $23.25, a market capitalization of $2.7 billion.
Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 5.8× sales.
Return on equity was −22.6% and debt-to-equity 0.39.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −0.24 (distress zone) for fiscal 2025.